Financial-related workplace benefits rank high for Gen Z, according to a recent survey from financial protection company The Standard.
Similar to other generations, Gen Z wants financial security, valuing health insurance and retirement plans highly, with 93 percent of respondents saying a retirement savings plan is important to them.
“Gen Z’s focus on traditional benefits means employers can emphasize core offerings without necessarily investing in costly new programs,” the survey findings stated.
A large majority (79 percent) of the 1,250 respondents indicate their top financial goal is saving and 55 percent value auto-enrollment in a 401(k)-type plan.
Interestingly, Gen Z expects companies they work for to step into roles typically occupied by banks and credit unions, the report added.
Seventy-three percent of Gen Z members consider emergency savings accounts a “very or extremely valuable” benefit. Almost a third say they would value emergency loans from employers.
Over a third view financial education as a valuable employee benefit.
The findings indicate Gen Z holds benefits and retirement plan providers to a higher standard when it comes to addressing societal challenges.
Sixty-one percent value a commitment to social issues as very important in their decision to buy or enroll in a benefits provider’s products or services.
Nearly half of Gen Z respondents say the same thing about retirement plan providers (48 percent), with a lower bar for banks (31 percent), credit card companies (19 percent) and clothing or fashion brands (15 percent).
Employers that adopt plans that address these issues will benefit by attracting and retaining Gen Z talent, the report stated.



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